The pictures, set into virtual gold frames, feature mostly teens and young adults in exotic vacation spots, surrounded by the fineries of a high-end hotel room or their own lavish homes, as well as various other snapshots of a life free of financial worry.

One photograph depicts a receipt featuring a €20 purchase of two soft drinks, along with almost €15,000 in Beluga and Bateau Caviar, and to top it off, a €50,000 bottle of Dom Perignon. The whopping total for this dinner receipt? €107,524, or about $130,000 in US dollars.

But while some are getting a laugh from teenagers pouring a bottle of champagne on themselves worth more than most people's vehicles, others are criticizing the page. The Atlantic Wire reporter Rebecca Greenfield had this to say about the Rich Kids of Instagram page. "Teens posing with helicopters they did not earn and posting photos online for others to ogle provides an easy in for commentary on the state of the American dream. (Dead.)"

So, are these just kids having fun with the Instagram app, or is this thinly veiled bragging and gluttony? This might depends upon which side of the coin you are on. One Instagram user, 19-year-old Annabel Schwartz who had her photos of a recent vacation to Saint-Tropez posted on the site wasn't happy. "My friends and I don't want to be associated with this...." She was quoted as saying. "This is very embarrassing.... We all grew up quite nicely but I don't want to be embarrassed by the fact that I can enjoy myself in Saint-Tropez."

One thing is certain, the public can't get enough of glimpses into the lifestyle of the rich and famous. Just look at Kim Kardashian and Paris Hilton, and their respective television shows. You can check out the Tumblr page here.